RBI sets-up working group to evaluate digital lending
The Reserve Bank of India (RBI) on Wednesday announced the formation of a working group (WG) on digital lending, including through online platforms and mobile apps. The recent surge and attractiveness of online lending platforms/ mobile lending apps (‘digital lending’) have raised certain serious concerns to Central Bank which have wider systemic implications. The newly…
Read article
The subscription for the 10th tranche of the Gold Bonds (SGBs) will close on January 15
The subscription for the tenth tranche of the Sovereign Gold Bonds (SGBs) scheme, the 2020-21 Series X, has opened on January 11, 2021, and will close on January 15, 2021. The SGBs will be allotted on January 19, 2021. Issue price : Rs 5,054 (per gram of gold) for payment through digital mode. Government of…
Read article
“Worst is behind us, though the recovery path remains uncertain,” says Financial Stability Report
On Monday (11.01.2021), the Financial Stability and Development Council in its report bi-annual report said that Indian banks may see bad loans double despite signs of an improvement in the economic impact of the COVID-19 pandemic. The council is an umbrella group of regulators and releases the FSR report twice yearly to give a detailed…
Read article
RBI tells banks to put in place a risk-based internal audit (RBIA) system
RBI on Friday (08.01.2021) said that all commercial banks (including small finance banks, payments banks, and Local area banks) are required to put in place a risk-based internal audit (RBIA) system as part of their internal control framework that relies on a well-defined policy for internal audit, functional independence with sufficient standing and authority within…
Read article
From April 1, entities to quote LEI for all payment transactions of above 50 crores
The Legal Entity Identifier (LEI) is a 20-digit number used worldwide that will uniquely identify every legal entity or structure to a financial transaction. Pursuant to the Global Financial Crisis, the Legal Entity Identifier (LEI) code is conceived at the initiative of ‘Group of 20, financial stability Board’ for the purpose of better risk management.…
RBI announces guidelines for digital payment infra fund-PIDF
The Reserve Bank of India has constructed a composite Digital Payments Index (DPI) to capture the extent of digitisation of payments across the country The DPI comprises of 5 broad parameters that enable measurement of deepening and penetration of digital payments over different time periods. These parameters are – (i) Payment Enablers (weight 25%), (ii)…
Read article